A pharmacist orders medications for a total of $ 6,439.65. A 6 ¼% discount is given if payment is made within 15 days , and a 2.5 % discount is given if payment is made within 30 days . How much money can be saved by paying in 15 days instead of 30 days?

Answer:

$241.48 can be saved.

Payment to be made = $6439.65

Discount, if paid in 15 days = 25/4%

Discount, if paid in 30 days = 2.5%

Hence, amount payable in 15 days' payment = 93.75% of $6439.65 = $6037.17

Amount payable in 30 days' payment = 97.5% of $6439.65 = $6278.65

Amount saved, if paid in 15 days than in 30 days = $6278.65 - $6037.17 = $241.48

Hence, $241.48 can be saved by paying in 15 days instead of 30 days.